Compiled by Luan Peng, ChainCatcher.
Important information:
FTX expects the restructuring plan to take effect in early January 2025, with user compensation work starting in March.
Cboe submitted listing applications for 4 Solana spot ETFs to the U.S. SEC.
U.S. SEC Chairman Gary Gensler will leave office on January 20.
Insiders: Trump's "Crypto Advisory Committee" will establish the promised Bitcoin reserve.
The Trump Media Technology Group may be considering launching a cryptocurrency payment service named TruthFi.
Musk: Art is often used for money laundering and tax evasion.
"What important events have occurred in the past 24 hours?"
FTX expects the restructuring plan to take effect in early January 2025, with user compensation work starting in March.
FTX Trading Ltd. and its associated debtors announced that FTX is nearing the completion of the final prerequisites for the court-approved bankruptcy restructuring plan, paving the way for FTX to begin distributing compensation to creditors and customers. The effectiveness of the bankruptcy restructuring plan signifies that the court-approved restructuring plan is officially being implemented. This typically marks a critical step in the bankruptcy process, where the bankrupt company has reached agreements with creditors and other stakeholders and is prepared to proceed with actual debt repayment and asset distribution as planned.
FTX provided the following update regarding the anticipated distribution timeline:
1. In early December, the debtor expects to reach a final arrangement with professional distribution agents who will assist FTX in distributing compensation to global customers within supported jurisdictions. At that time, the debtor will provide guidance for customers to establish approved accounts on the existing customer portal.
2. By the end of December, the debtor expects to announce the exact effective date after the court order approving the reserve amount for disputed claims is confirmed, which is a prerequisite for distribution according to the confirmation order.
3. The debtor currently expects the bankruptcy restructuring plan to take effect in early January 2025. According to the confirmation order, the first distribution will occur within 60 days after the effective date, targeting convenience creditors allowed to claim under the plan. The record date for the initial distribution will be the same as the effective date.
Cboe submitted listing applications for 4 Solana spot ETFs to the U.S. SEC.
Bloomberg senior ETF analyst James Seyffart posted on social media stating: "Cboe has just submitted applications for 4 Solana spot ETFs to the U.S. SEC, with issuers including VanEck, 21Shares, Canary Capital, and Bitwise."
If the SEC does not reject the above document applications, the final deadline will be around early August next year.
U.S. SEC Chairman Gary Gensler will leave office on January 20.
According to an official announcement, U.S. SEC Chairman Gary Gensler will leave office on January 20.
The announcement mentioned that in the previous full fiscal year, although the cryptocurrency market accounted for less than 1% of the U.S. capital market, 18% of the reports, complaints, and recommendations received by the U.S. Securities and Exchange Commission were related to cryptocurrencies. Courts have supported the commission's actions to protect investors and dismissed all arguments about the commission's inability to enforce the law regarding the issuance of securities—regardless of how the securities are issued.
It is reported that Trump's presidential term will also begin on January 20.
Insiders: Trump's "Crypto Advisory Committee" will establish the promised Bitcoin reserve.
According to Reuters, Trump's "Crypto Advisory Committee" is expected to establish the promised Bitcoin reserve. Several cryptocurrency companies, including Ripple, Kraken, and Circle, are competing for seats on Trump's crypto advisory committee to seek a voice in U.S. cryptocurrency policy reform.
Two insiders stated that this cryptocurrency committee may belong to the White House National Economic Council (responsible for coordinating and implementing presidential economic policies) or an independent White House agency.
According to them and other industry insiders, the committee is expected to provide recommendations on digital asset policy, cooperate with Congress to promote cryptocurrency legislation, establish the promised Bitcoin reserve by Trump, and coordinate among various agencies, including the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury Department. One insider also indicated that the committee may include law enforcement representatives and former policymakers.
The Trump Media Technology Group may be considering launching a cryptocurrency payment service named TruthFi.
According to a trademark application submitted this week, the Trump Media Technology Group has submitted an application for a cryptocurrency payment service named TruthFi, describing it as a platform for cryptocurrency payments, financial custody services, and digital asset trading.
The application does not detail how the project will operate, but its goal is to diversify its business beyond the social media platform Truth Social. Any large-scale cryptocurrency project will likely require the Trump Media Technology Group to acquire another company, as it has less than 36 employees.
Musk: Art is often used for money laundering and tax evasion.
Musk responded on X to "a banana taped to a wall sold for 6.2 million dollars," stating: "Art is often used for money laundering and tax evasion. This largely explains the apparent absurdity."
Binance CEO: Binance strictly evaluates the operating team, roadmap, market demand, and security of the projects it lists.
Binance CEO Richard Teng stated in the Binance Square (Celebrating the one-year anniversary of Binance CEO) AMA that Binance has a strict and comprehensive due diligence process to determine which tokens or projects can be listed on the platform, including Launchpool, Megadrop, etc.
Richard Teng pointed out that Binance has an independent team responsible for research and evaluation, which does not interact with the outside world to ensure their independence and to avoid undue influence in decision-making and evaluations.
Richard Teng stated that the key criteria for evaluating projects are first the quality of the project and the team behind it. Secondly, innovation, the project roadmap, and thirdly, market demand, community engagement in project use cases, practical applications, as well as security and compliance.
Sun Yuchen: Willing to donate the banana artwork to Musk and send it to Mars and the moon.
TRON founder Sun Yuchen tweeted: "I am willing to donate the banana artwork to Musk, sticking it on a SpaceX rocket, sending it to Mars and the moon."
According to previous reports, Sun Yuchen purchased Maurizio Cattelan's artwork Comedian banana for 6.2 million dollars.
The U.S. Department of Justice has shut down the cybercrime market Popeyetools, which profited 1.7 million dollars through methods such as cryptocurrency payments.
The U.S. Department of Justice announced the shutdown of the cybercrime platform Popeyetools and charged its administrators Abdul Ghaffar, Abdul Sami, and Javed Mirza with selling stolen financial data and assisting in ransomware and fraud crimes. Since 2016, the platform has profited 1.7 million dollars through methods such as cryptocurrency payments, involving the sale of stolen credit card data and personal identification information. Law enforcement also seized cryptocurrency worth $283,000 from a wallet controlled by Sami.
U.S. prosecutors stated that this operation benefited from international law enforcement cooperation, successfully dismantling a platform that provided services such as "Live Fullz" and financial data verification tools. If convicted, each charge against the defendants could carry a maximum penalty of 10 years in prison.
Insiders: Trump has proposed selecting financier Kevin Warsh as Secretary of the Treasury.
According to Jinshi reports, insiders revealed that U.S. President-elect Trump has proposed selecting financier Kevin Warsh as his Secretary of the Treasury, but there is an understanding that when Jerome Powell's term as Federal Reserve Chairman ends in 2026, Warsh may be nominated to lead the Federal Reserve.
Some insiders said Trump discussed possible arrangements with Warsh at his private club Mar-a-Lago in Florida on Wednesday. Warsh is a popular candidate to lead the Treasury Department, but as of Thursday night, Trump had not yet decided who to choose for this key cabinet position. Insiders noted that Trump is still weighing how to handle the vacancy of the Federal Reserve Chair position, and may wait until Powell's term ends in May 2026 to make a final decision.
Some of these individuals say Trump is considering appointing investor Scott Bessent to lead the National Economic Council, and if Warsh becomes the Federal Reserve Chairman, Bessent will be nominated as Secretary of the Treasury later in his term.
The Russian government stated that 150 companies have applied for cryptocurrency mining licenses.
According to Cryptonews, the Russian Federal Tax Service confirmed that Russian businesses are applying for cryptocurrency mining licenses, with 150 applications submitted so far. Federal Tax Service Director Daniil Egorov stated that these applications were submitted after November 1. Registrants must provide the Federal Tax Service with their mined cryptocurrency, cryptocurrency wallet addresses, and other data.
Private miners with a monthly electricity consumption of no more than 6,000 kilowatt-hours (kWh) are exempt from registration.
Global asset management firm WisdomTree will launch an XRP ETP on European exchanges.
Global asset management company WisdomTree Investments announced the launch of the exchange-traded product WisdomTree Physical XRP ETP (XRPW), which will be listed on multiple European exchanges, including Deutsche Börse Xetra, SIX Swiss Exchange, and the pan-European exchange. The current management fee rate for this ETP is 0.50%.
It is reported that WisdomTree's product will be 100% backed by spot XRP, with assets stored in cold wallets and adopting a dual custody model, overseen by regulated custodians. Currently, WisdomTree's portfolio has expanded to nine cryptocurrency ETPs, covering Bitcoin, Solana, Ethereum, and others.
CFTC Commissioner calls for accelerating cryptocurrency policy reform.
Cointelegraph reported that CFTC Commissioner Summer Mersinger spoke at the North American Blockchain Summit, calling for the establishment of standard policies for cryptocurrencies through formal notice and comment procedures. Mersinger stated that the current enforcement-oriented regulatory strategy taken by regulators towards the cryptocurrency industry has problems, specifically mentioning the case of Uniswap Labs. She emphasized that the CFTC is the ideal regulatory agency for the "cryptocurrency spot market" because it can quickly implement significant legislative changes without disrupting the market.
Mersinger pointed out that while cryptocurrency entities (including decentralized finance DeFi) are often categorized under existing categories and need to comply with the same laws, there is currently no formal registration pathway. She suggested that the cryptocurrency industry should start engaging immediately after determining the new leadership of the government to facilitate early dialogue. Notably, the relatively small settlement amount recently reached between the CFTC and Uniswap reflects a subtle shift in regulatory attitudes.
Binance's latest statement: It expects its full-time compliance team to reach 645 members by the end of the year, a year-on-year increase of 34%.
According to CoinDesk, Binance stated in its latest announcement that it expects to have 645 full-time compliance team members by the end of 2024, a 34% increase compared to November of last year. Including contractors, there are currently over 1,000 employees focused on compliance work.
Binance Chief Compliance Officer Noah Perlman stated that the crypto industry has entered a new mature stage, where regulatory compliance has become a fundamental standard for user experience and protection, business success, and responsible growth. The latest compliance talents include Todd McElduff, the former head of PayPal's global financial crime compliance department, as well as special investigation experts Céline Inial and Caner Akyürek from law enforcement agencies in France and Turkey, who have nearly 20 years of experience. In 2023, Binance's compliance spending increased by 36% compared to the previous year.
Data: The total market capitalization of cryptocurrencies exceeded 3.4 trillion dollars, reaching a historic high.
According to CoinGecko data, the total market capitalization of cryptocurrencies exceeded 3.4 trillion dollars, with a 24-hour increase of 1.3%, reaching a historic high.
"What are some exciting articles worth reading in the past 24 hours?"
The 50 most noteworthy unissued projects in the cryptocurrency industry.
Is attention in crypto everything?
This year's narrative may uniquely belong to Memes, with their frenzy surging, even surpassing the previous waves.
Bitcoin continues to break records, but altcoins have not seen the expected surge. Value investment has turned out to be in vain, and founders are raising their hands in surrender, self-mockingly saying, "We can also be Memes."
If Memes are the playground of adventurers. This place is filled with stories of crossing classes and overnight wealth, full of survivor bias. In the dark side of the playground, it ruthlessly cleanses the participants who follow the tide, with "diamond hands" seizing most of the wealth, and "paper hands" left with nothing.
Perhaps we can see value investment as a game for honest people. It must be acknowledged that technology and application innovation are still underpinning the entire cryptocurrency industry.
Last week, during the annual summit "DeInsight 2024" held at Devcon in Bangkok, the Web3 data platform Rootdata officially announced the RootData List 2024 annual ranking. The list includes five categories: Top 50 projects (issued tokens), Top 50 projects (unissued tokens), Crypto VC Top 50 investment institutions, Top 10 angel investors, and Top 20 best CEOs.
We believe that the most noteworthy item on the list is the "Top 50 projects (unissued tokens)"; for value investors, these 50 projects may represent the most important investment opportunities in the cryptocurrency market over the next period. This article will review the fundamentals and recent dynamics of these 50 projects.
Dialogue with AI & Web3 dating platform Metya COO: Hope to bring more humanistic care to Web3.
Recently, Metya COO Christy participated in the annual summit "DeInsight 2024" held by RootData and ChainCatcher during Devcon, where she took part in a roundtable discussion on "Social, AIGC and Metaverse." During the discussion, she stated that the advancements in social interaction have been underestimated, and she looks forward to AIGC's impact on various aspects of daily socializing. After the event, ChainCatcher also invited Christy for a dialogue interview.
Against the backdrop of the growing SocialFi landscape, Metya, as an AI-driven Web3 dating platform, consistently adheres to a human-centered principle, aiming to lower social barriers through technology. We were fortunate to interview Metya's co-founder Christy, who will provide us with an in-depth introduction to the vision and mission of this unique platform. Christy stated that Metya combines blockchain and AI technology, aiming to provide users with a decentralized, privacy-protecting, and incentive-rich dating experience. Through token incentives, Metya hopes to help users easily find like-minded partners while gaining real benefits through interactions.
MicroStrategy's stock price has been shorted, with Bitcoin holdings exceeding 32.6 billion dollars. Can the leveraged game continue?
MicroStrategy, whose main business in business intelligence (BI) performed modestly, has thrived in its side business of investing in Bitcoin, undoubtedly making it one of the big winners of this bull market. Thanks to Bitcoin's strong momentum, MicroStrategy achieved massive profits and drove its stock price soaring after making bold bets on Bitcoin. This 'lying win' strategy is attracting more and more imitators trying to replicate its success.
However, while MicroStrategy achieves capital appreciation through Bitcoin's super high returns, the high premium of its stock has raised market concerns, with well-known short-sellers like Citron openly expressing their bearish stance. Can MicroStrategy's leveraged game continue?
What is Kevin Warsh's connection to Crypto?
On November 12, Beijing time, the Wall Street Journal cited insiders revealing that U.S. President-elect Trump is considering appointing former Federal Reserve Governor Kevin Warsh as Secretary of the Treasury. The report also indicated that after the current Federal Reserve Chairman Jerome Powell's term ends in 2026, Kevin Warsh could be nominated as Chairman of the Federal Reserve.
Some insiders say that Trump is considering appointing Scott Bessent to lead the White House Economic Council, and if Kevin Warsh becomes the Federal Reserve Chairman, Trump will nominate Scott Bessent as Secretary of the Treasury in the later stages of his term.
On Polymarket, in the prediction market regarding "Who will Trump select as Secretary of the Treasury?" Kevin Warsh's probability of winning has risen to 52%, while Scott Bessent stands at 29%.
Solana: From zero to a hundred billion dollars historical high, the most perfect rebirth.
"I will now buy all the SOL you have at the market price of 3 dollars, feel free to sell, and then you can roll away." This was a response by FTX founder SBF on Twitter to a trader who was not optimistic about Solana on January 10, 2021, saying, "SOL is about to see a huge buy order because every billionaire in the world is calling me and SBF (to inquire about Solana)." By December 1 of that same year, Multicoin Capital managing partner Kyle Saman made remarks on Twitter. At that time, the price of SOL had already exceeded 230 dollars, with an annual increase of over 150 times, becoming the star of the entire cryptocurrency industry.
"Here are the reasons why Solana chain disappeared, and SOL token dropped to zero." This was a tweet from Ethereum maximalist James Spediacci predicting in December 2022 that SOL would be cleared from the crypto market. At that time, SOL was affected by the crypto winter and the bankruptcy announcement of FTX, dropping to a low of 8 dollars, with a decline of over 96% over more than a year, nearly reaching zero.
"Only Possible On Solana," as the community collectively shouts this slogan, on November 22, 2024, SOL price soared to 260 dollars, breaking the previous bull market's peak. The increase from low to high exceeded 30 times, completing the phoenix rebirth.
